Section 60: Custody of moneys and appointment of Custodians (amended by Section 8 of the Asset Management Corporation of Nigeria (Amendment) Act, 2015)

(1)
All moneys standing to the credit of, or other assets of the Resolution cost Fund shall be held by the central Bank of Nigeria or, at the instance of the Central Bank of Nigeria, by custodians appointed by the Board of Trustees for that purpose in accordance with a written custodial services agreement entered into between the Resolution Cost Fund and the custodian in form and substance satisfactory to the Board of Trustees.
(2)
A prospective custodian shall be engaged by the Board of Trustees through open and competitive selection procedures, and to qualify for appointment, the prospective custodian shall-
(a)
be a limited liability company duly incorporated in accordance with the laws of the Federal Republic of Nigeria;
(b)
be a licensed financial institution or be.wholly orjointly owned by a licensed financial institution with a combined minimum networth of N25 billion unimpaired by losses;
(c)
have, or its parent company or companies, have a combined total balance sheet of at least N 125 billion;
(d)
be a reputable custodian company with excellent track record;
(e)
have the professional and technical capacity to provide custodial services as contemplated under this Act;
(f)
have never been a custodian of any assets which was mismanaged or has been in distress due to any fault, either fully or partially by the custodian;
(g)
have never been nor is a debtor of the Corporation or the obligor whether directly or indirectly or in relation to an eligible bank asset;
(h)
possess appropriate information and communication technology that can adequately cater for online real-time transactions and for keeping proper accounting records;
(i)
have a system of internal controls which ensures that the assets under its custody are safeguarded and segregated and records adequately reflect the information they purport to present;
(j)
be capable of providing a guarantee, either by itself or through its parent company or companies, to the full sum and value of assets held or to be held by it, in bank deposits and other liquid assets;
(k)
not be an entity or company in which any fund manager appointed by the Board of Trustees in relation to the Resolution Cost Fund, or any of the subsidiaries of such fund manager has an aggregate shareholding exceeding 5% of its issued and paid capital; and
(l)
meet such other additional requirements or conditions as may be prescribed from time to time by the Board of Trustees.
(3)
ln addition to meeting the criteria stipulated in sub-section (2) of this section an applicant shall only be appointed as a fund manager if it procures, to the reasonable satisfaction of the Board of Trustees, loss insurance cover and fidelity bond in such amount as the Board of Trustees may stipulate from time to time.